The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. The hospitality sector continues to have access to a range of government support measures including, but not limited to:
- A 12-month business rates holiday for all eligible retail, leisure and hospitality businesses in England
- Small business grant funding (SBGF) of £10,000 for all business in receipt of small business rate relief or rural rate relief
- The retail, hospitality and leisure grant fund (RHLGF)
- A Discretionary Grant Fund in England
- The Coronavirus Job Retention Scheme (CJRS)
- The Coronavirus Business Interruption Loan Scheme (CBILS)
- The Bounce Back Loan Scheme (BBL) for small and micro enterprises
- VAT deferral for up to 12 months
- Protection for commercial leaseholders against automatic forfeiture for non-payment until June 30, 2020 – with an option for the Government to extend if needed.
Support for businesses, including the hospitality sector, remains under constant review.
The Business Support website provides further information about how businesses can access the support that has been made available, who is eligible and how to apply - https://www.gov.uk/business-coronavirus-support-finder.